Facebook may soon go the way of MySpace. Facebook recently experienced BIG dips in U.S. and Canada – as millions of users have deleted their accounts.

According to Inside Facebook, the social networking site hit 687 million monthly users in June, though the growth rate has been much slower than normal for the past two months.

Facebook has grown by at least 20 million users each month, in April and in May, it grew by 13.9 and 11.8 million respectively.

BUT, the big problem for Facebook is that there is a very disturbing trend – Facebook users are dropping the service in large numbers EVERY day due to privacy concerns.

In the U.S. and in Canada, Facebook actually lost users U.S. accounts fell by 15 million. This marks the first time American Facebook membership has dropped. Canadian users also fell by about 5.5 million.

TechCrunch pointed out that Twitter and LinkedIn are making big gains in many countries, while Facebook is dying.

“The party is over for Facebook,” said tech guru Myron Blue of Wired magazine. “People are tired of all the add-ons and they are growing more and more concerned about their privacy. Most importantly, they are bored and have decided to move on.”

Facebook has denied that it is losing customers, saying it is “pleased” with growth.

But the social network, has acknowledged that millions are deleting their Facebook accounts. “Yes, many in the U.K., Canada and the United States are getting off Facebook, but we are growing in places like Mexico and Uganda,” said a Facebook spokesperson.

“Facebook sucks. I don’t know why I ever got on it,” said Mindy Walton of Lexington, Kentucky. “It took over my life and ruined it. Now, I’m free again.”

The most dire news for Facebook is that many college students across the country no longer consider it “cool” to communicate on Facebook and are turning more and more to their mobile devices to communicate with friends.

“Facebook is for old people and losers,” said Jimmy Batlon, 17, of New Orleans. “We want something new, something for our generation.”

WWN contacted Mark Zuckerberg, but he had no comment about the massive “drop” by Facebook users at this time. But he did say he still intends on shutting down Facebook on March 15, 2012. So, the drop in users won’t make a difference. “In a year, everyone will be using another service. We’re closing up shop,” said Zuckerberg.